Franchisees operate 433 sites and the company currently operates 314 sites, up from 152 sites a year ago.

"Caltex aims to transition all retail franchise sites to company operations by mid-2020," the company said in a statement.

Total costs of the store conversion is estimated to be around $100 million to $120 million over the next three years.

This includes money for franchisees who agree to a reduced tenure and acquisition of working capital and fixed assets.

Caltex has rolled out 26 of its new format "The Foodary" pilot stores that offer healthy food on-the-go and convenient services like parcel pick-up and dry cleaning.

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The fuel retailer's statutory full-year net profit has risen just one per cent to $619 million, however, its closely watched replacement cost operating profit (RCOP), which strips out the impact of crude oil price fluctuations, has risen 18.5 per cent on the prior year to $621 million.

The RCOP is roughly in line with Caltex's profit guidance of $600 million to $620 million.